Gold lost some of its allure last month when it fell 1.7 percent, compared with a 2 percent gain in stocks in the Morgan Stanley Capital International World Index.
Still, bullion rose 23 percent over the year as the dollar fell 8 percent against a basket of six major currencies.
Gold for immediate delivery rose as much as US$3.35, or 0.5 percent, to US$630.70 an ounce Thursday after falling 2 percent Wednesday.
A decline in the dollar increases gold's value because the metal is priced in the U.S. currency.
Lower oil prices have diminished the metal's appeal as a hedge against inflation.
Crude oil slid below US$59 a barrel Wednesday for the first time since November as mild U.S. weather curbed heating-fuel consumption.

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